0109 GMT - Immutep gets a new bull at Jefferies, where analyst David Stanton sees a clearer potential development path for the biotechnology company's lead product candidate. Raising his recommendation to buy from hold, Stanton is encouraged by the Australian company's update that the early discontinuation of a lung cancer study doesn't appear to be linked to clinical factors or trial execution. Emerging evidence supports a cautiously constructive view that the outcome stemmed from an isolated manufacturing or product-characterisation issue, Stanton explains in a note to clients. Risk/reward looks more constructive to Stanton, who now includes Immutep's phase IIhead and neck squamous cell carcinoma opportunity in his valuation. Jefferies doubles its target price to 8 Australian cents. Shares are flat at 4.7 Australian cents.